A new study by an insurance company finds that drivers find shopping for insurance very painful. Here’s what else the study uncovered.
If you have a teen or tween at home, you are likely familiar with the game “Would you rather…” As in, “Would you rather eat a bug or sleep in a wet bed?” Insurance company Esurance recently did a survey of drivers related to shopping for auto insurance and they discovered that one in five shoppers for auto insurance would rather slam their hand in a car door than shop for the product. As “humerus” as this finding is, it is not the funniest thing the study uncovered about we Americans go about the serious business of buying automobile insurance.
Don’t Forget The Paperwork
One of the things Esurance learned is that American’s are not very focused when they are shopping for a product that costs them thousands of dollars. More than 75% of insurance owners report that they multitasked while dealing with insurance companies, including using the toilet!
Esurance suspects that the average consumer finds the car insurance offerings too confusing. But it may not be the products’ fault alone. One in three shoppers aged 21+ reported that they would rather have a cocktail in hand than a calculator on their desk when researching coverage options. Another telling “would you rather” is one in three respondents saying they’d rather take a physics test than an insurance knowledge test. Most also report they ask for help. 29% of millennials say they ask for advice from three or more trusted people. 57% of all insurance shoppers seek advice from at least one knowledgeable friend or relative.
Underlying much of the reluctance in dealing with insurance and its price models is that more Americans feel that it is a bad value than feel it is a good value. About a third say that they believe “what you get isn’t necessarily worth what you are paying for.” Sadly, only 23% of car insurance shoppers say that they believe their coverage is “completely valuable.”
Despite the reluctance of Americans to deal with car insurance, one final “would you rather” revealed how they feel deep down about the product. About four out of five shoppers surveyed said that they would rather send a snarky text accidentally than find they had a lack of coverage in an accident.
Fun Insurance Facts From Cheapinsurance.com
Americans have been buying car insurance since 1897.
Texas policyholders file nearly $1 billion in annual auto hail damage claims.
Studies are showing that texting bans are not reducing accident rates in states with the laws.
Cars equipped with advanced active safety systems do not automatically qualify for any special discount.
Married drivers have fewer accidents.
Research shows people with no tickets or accidents live longer on average regardless of the type of death.
Your occupation affects your liability risk rating. If you are an engineer, you may get the best rate.
Two-door vehicles have the most collision claims.